Bitcoin surges to $67,000 as Trump-Iran peace deal sends markets into a high

Bitcoin pushed to $67,196 on Monday, gaining as much as 5% and reaching its strongest price in over two weeks after Trump and Iran agreed on steps to stop the fighting and reopen the Strait of Hormuz.

The rest of the cryptocurrency market performed even better. Ether went up by as much as 11% to reach $1,845, while Solana and XRP achieved bigger gains on a percentage basis. However, after last week’s rally, Bitcoin is still down more than 24% year-to-date.

The move followed a rough stretch that sent Bitcoin under $60,000 earlier this month, its weakest level since October 2024.

Selling accelerated after Michael Saylor’s Strategy, the biggest corporate Bitcoin holder, disclosed that it had trimmed a very small part of its position. Heavy withdrawals from Bitcoin exchange-traded funds added more pressure.

Strategy has since returned to buying. The company acquired $100 million in Bitcoin last week using proceeds from common stock sales, after spending more than $100 million on another purchase the week before.

US equities also jumped. The Dow gained 630 points, or 1.2%, and reached a fresh intraday record. The S&P 500 advanced 1.6%, while the Nasdaq Composite rose 2.4%. SpaceX shares climbed more than 7% after gaining 19% during Friday’s public market debut.

According to CNBC, a senior US administration official revealed that a memorandum of understanding had been electronically signed between the two countries on Sunday, while an actual signing ceremony would take place on Friday.

The document sets out a framework for further talks. Iran will not receive economic relief until it takes steps concerning its nuclear program.

The agreement also provides for the immediate reopening of the Strait of Hormuz and the removal of the US naval blockade, although shipping is not expected to return to normal straight away. Officials expect vessel traffic to increase significantly within two weeks.